This exercise shows that the sum of the reciprocals of the squares converges to something at most $2$; in fact, the series converges to $\frac{\pi^2}{6}$.
For $n\geq 1$, denote the statement in the exercise by
$$
S(n) : 1 + \frac{1}{4} + \frac{1}{9} + \cdots + \frac{1}{n^2} \leq 2 - \frac{1}{n}.
$$
Base step ($n=1$): Since $1=2-\frac{1}{1}, S(1)$ holds.
Induction step: Fix some $k\geq 1$ and suppose that $S(k)$ is true. It remains to show that
$$
S(k+1) : 1 + \frac{1}{4} + \frac{1}{9} + \cdots + \frac{1}{k^2} + \frac{1}{(k+1)^2} \leq 2 - \frac{1}{k+1}
$$
holds. Starting with the left side of $S(k+1)$,
\begin{align}
1+\frac{1}{4}+\cdots+\frac{1}{k^2}+\frac{1}{(k+1)^2} &\leq 2-\frac{1}{k}+\frac{1}{(k+1)^2}\quad(\text{by } S(k))\\[1em]
&= 2-\frac{1}{k+1}\left(\frac{k+1}{k}-\frac{1}{k+1}\right)\\[1em]
&= 2-\frac{1}{k+1}\left(\frac{k^2-k}{k(k+1)}\right)\\[1em] &\leq 2-\frac{1}{k+1},\quad(\text{since } k\geq 1, k^2-k\geq 0)
\end{align}
the right side of $S(k+1)$. Thus $S(k+1)$ is true, thereby completing the inductive step.
By mathematical induction, for any $n\geq 1$, the statement $S(n)$ is true.